NLC rejects new petrol pump price

The Nigeria Labour Congress (NLC) has rejected the new pump price of petrol fixed by the Nigerian National Petroleum Corporation Limited (NNPCL).

Daily Trust reports that the oil firm has directed its outlets nationwide to sell fuel between N480 and N570 per litre.

READ ALSO:

• Portable turns G-Wagon to ‘distribution van’, shares food to people
• Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain
• Lagos police dismiss Sergeant over N98,000 extortion

Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, had said the price adjustment was made in line with “market realities”.

But NLC President, Comrade Joe Ajaero, who briefed journalists at Labour House, Abuja, on Wednesday, said the congress would not accept that.

He added that the fixing of price is not what government could do unilaterally.

Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain

The equities market of the Nigerian Exchange Ltd., NGX, opened trading for the week on a bullish note driven by investors’ confidence, following the inauguration of President Bola Tinubu.

Mr Tinubu, in his inaugural speech, said on Monday that the former administration did not capture fuel subsidy in the 2023 budget and he would ensure a unified exchange rate as part of measures to boost the Nigerian economy.

Specifically, the market capitalisation recorded a gain of N1.505 trillion or 5.22 per cent to close at N30.349 trillion from N28.844 trillion posted on Friday.

Also, the All-Share Index, ASI, rose by 2,764.47 points or 5.22 per cent to settle at 55,738.35 compared with 52,973.88 recorded at the previous trading.

Accordingly, the Year-to-Date gain moderated to 8.76 per cent.

Index heavyweights, MTN Nigeria, Dangote Cement and BUA Cement drove the market’s strong performance, alongside gains in Tier- one banking stocks such as Guaranty Trust Holding Company, GTCO, Access Holdings, United Bank for Africa, UBA, and Zenith Bank.

READ ALSO:

• Lagos police dismiss Sergeant over N98,000 extortion
• We’ve increased petrol pump price, says NNPCL
• Nollywood couple, Damola Olatunji, Bukola Awoyemi, announce separation

Access Holdings in the shares of Transcorp topped the most traded chart with 199.62million shares valued at N2.45 billion.

GTCO followed with 76.38 million shares worth N2.18 billion, while Zenith Bank traded 66.13 million shares valued at N1.92 billion.

UBA traded 81.99 million shares valued at N831.47 million, while Transcorp transacted 95.68 million shares worth N309.24 million.

Analysts at Vetiva Securities Ltd., said that “The market exhibited a favorable response to President Tinubu’s inauguration speech and his proposed plans for the country’s economy.

We’ve increased petrol pump price, says NNPCL

The Nigerian National Petroleum Corporation Limited (NNPCL) says it has increased the pump price of petrol.

This is coming despite the public outcry against sudden removal of fuel subsidy.

Already, retail managers of the NNPCL outlets have been instructed to implement the review from May 31, 2023.

Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement on Wednesday.

The statement read  “NNPC Limited wishes to inform our esteemed customers that we have adjusted our pump prices of PMS across our retail outlets, in line with current market realities.

“As we strive to provide you with the quality service for which we are known, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.

“We assure you that NNPC Limited is committed to ensuring a ceaseless supply of products.

“The company sincerely regrets any inconvenience this development may have caused. We greatly appreciate your continued patronage, support, and understanding during this time of change and growth.”

READ ALSO:

• Portable turns G-Wagon to ‘distribution van’, shares food to people
• Day after Tinubu’s inauguration, Nigeria’s stock market hits N1.51trn gain
• Lagos police dismiss Sergeant over N98,000 extortion

Nigerians woke to reports of upward review of fuel price from N197 to above N500 per litre.

According to a widely circulated list, a new table of retail prices had been adopted for different geopolitical zones of the country.

Retail managers of NNPCL outlets were instructed to implement the review from May 31, 2023.

“DEAR ALL. Following management approval of the upward review of NNPC PMS pump price as in below table for Mega/Standard/Leased Stations, Please find below schedules for the RMSs and Wayne to handle.

“Please implement meter change as approved effective today 31st May 2023. Wayne is to attend to all locations as relates to their area of coverage in our network,” an earlier statement read.

According to the new price schedule, petrol will sell at N557 per litre in Maiduguri, Borno State, and Damaturu, Yobe, while it will sell for N550 per litre in the rest of the North East zone.

Birnin Kebbi will buy petrol at N545 to lead prices in the Northwest zone. The average price in the North Central zone will be N537 per litre, except in Illorin, where it will sell for N515 per litre. Consumers in the South East will buy at an average of N520 per litre.

Apart from Uyo and Yenegoa where petrol will now sell at N515 per litre, the rest of the South South zone will get the product at N511 per litre.

President Bola Tinubu announced that fuel subsidy was gone, and shortly after, fuel queues returned to stations across the country.